It’s pension awareness week – will your pension be sufficient when you retire?
Understanding pensions can be complicated, with many of us not being aware of how much we should be saving into our pension pot, what type of pension schemes are available to us and what our options are for accessing our pension when we do finally retire.
The earlier you start to save into your pension, the better.
Whilst retirement may feel like an event very far in the future, the earlier we start thinking about it and saving into it, the better.
In 2018 it became compulsory for UK employers to automatically enrol employees that qualify into a workplace pension. However, you can also take out a personal pension, of which there are various types of pension to choose from. This could help you save more into your overall pension pot ensuring you don’t find yourself in pension poverty.
Nearing Retirement Age? Find out how to access your pension
With the introduction of the pension freedoms rules, those aged over 55 now have far greater freedom of choice over how they use their pension pot to fund their retirement years.
These pension freedoms have put a greater onus on us to keep ourselves informed of our options when it comes to accessing our pension money. However, little knowledge and understanding of the rules could mean some of us risk making decisions that are not in our best interests.
So whether you’re best served by a lifetime annuity, flexi-access drawdown (pension drawdown) withdrawing small cash sums from your pension pot, or by cashing in your entire pension pot our Independent Financial Advisers will make recommendations that are specific to your unique situation.
We’ve prepared a serious of guides which you may find helpful – Guide to Retirement Planning and Guide to Pension Freedoms
Pension Awareness week is an excellent time to give some thought as to whether your current pension contribution is sufficient.
If you’d like to start saving towards your retirement or find out how you can access your existing pension or would simply like to find out what your options are, one of our independent financial advisers can help. We offer, at our cost, an initial no obligation introductory meeting. At this we fully explain how our services work, identify your primary financial needs and objectives, answer questions you may have and agree the work to be completed, our charges and payment terms. This meeting can be held in person or remotely via a video meeting. To arrange a meeting please call us on 0800 3899 708 or email enquiries@tfagroup.co.uk or visit our website and complete our contact form or use our live chat.
